Conditions clearing for ECB to continue cutting
Yesterday the European Central Bank (ECB) delivered a 25 basis point (bp) cut, their second in the current easing cycle and in line with market consensus.
A UCITS fund that aims to provide an attractive level of income along with the opportunity for capital growth, by investing in a broad range of bonds and fixed income assets, including investment grade bonds, high yield bonds, government bonds and asset-backed securities. The fund has a highly flexible strategy, including the use of derivatives, enabling it to take advantage of prevailing market conditions as they change over time and therefore perform in both rising and declining rate environments throughout the economic cycle.
The UCITS fund aims to provide an attractive level of income along with the opportunity for capital growth, by investing in a range of assets across the fixed income spectrum.
The UCITS fund will adopt a highly flexible approach that enables TwentyFour to take advantage of prevailing market conditions as they change over time. The fund may invest in, or otherwise obtain exposure to, debt instruments from the whole range of fixed income assets including investment grade bonds, high yield bonds, government bonds, asset-backed securities and other bonds as determined by TwentyFour’s view on risk and reward over time.
The fund will also use derivatives, such as interest rate and credit derivatives, to either optimize exposures or reduce them according to TwentyFour’s market viewpoint, thereby giving the fund the opportunity to perform in both rising and declining rate environments throughout the credit cycle. The fund may also employ synthetic short positions both for hedging purposes and to take advantage of deterioration either in the market generally or with respect to specific issuers. The fund may also hedge some or all of its exposure in the foreign exchange markets.
All data is as at 11 Sep 2024 unless otherwise indicated.
| Portfolio Manager | TwentyFour Asset Management LLP |
|---|---|
| Fund Domicile | United Kingdom |
| Share Class Currency | GBP |
| Year End | 31 March |
| Index | Bank of England SONIA Overnight Rate |
| Fund Launch Date | 26 Apr 2010 |
| Share Class Launch date | 7 Dec 2012 |
| Distribution Type | Dist |
| Distribution Frequency | Monthly |
| Dealing | Daily |
| Minimum investment | 50,000,000.00 |
| ISA/SIPP Eligible | Yes |
| Fund Registrations | GB |
| Share Class Registrations | GB |
| Highest since launch | 110.71 |
|---|---|
| Lowest since launch | 84.24 |
| Fund size in mln. | 1,603.80 |
| Management fee | 0.75% |
|---|---|
| OCF | 0.79% (30 Sep 2023) |
| ISIN | GB00B8BG8H54 |
|---|---|
| Bloomberg | PTDBMIG LN |
| SEDOL | B8BG8H5 |
| Authorised Corporate Director | Apex Fundrock Ltd |
|---|---|
| Auditor | Grant Thornton UK LLP |
| Depository | Northern Trust Investor Services Limited |
| Registrar | Apex Fundrock Ltd |
| Share class | Currency | ISIN | Distrib. | Type | Launch date | Management fee | OCF | OCF Date |
|---|---|---|---|---|---|---|---|---|
| A acc (Net) | GBP | GB00B5KPRZ34 | Acc | Retail | 16 Jun 2010 | 1.25% | 1.29% | 30 Sep 2023 |
| A inc (Gross) | GBP | GB00B5M01B05 | Dist | Retail | 16 Jun 2010 | 1.25% | 1.29% | 30 Sep 2023 |
| I Acc (Gross) | GBP | GB00B5VNH238 | Acc | Institutional | 16 Jun 2010 | 0.75% | 0.79% | 30 Sep 2023 |
| I Acc (Net) | GBP | GB00B5VRV677 | Acc | Institutional | 16 Jun 2010 | 0.75% | 0.79% | 30 Sep 2023 |
| I Inc (Gross) | GBP | GB00B57GX403 | Dist | Institutional | 16 Jun 2010 | 0.75% | 0.79% | 30 Sep 2023 |
| I Inc (Net) | GBP | GB00B57TXN82 | Dist | Institutional | 16 Jun 2010 | 0.75% | 0.79% | 30 Sep 2023 |
| M Inc (Gross) | GBP | GB00B8BG8H54 | Dist | Institutional | 7 Dec 2012 | 0.75% | 0.79% | 30 Sep 2023 |
Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.
* TER includes performance fee where applicable
RISKS
Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.
Limited participation in the potential of single securities
Success of single security analysis and active management cannot be guaranteed
It cannot be guaranteed that the investor will recover the capital invested
Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility
Interest rates may vary, bonds suffer price declines on rising interest rates
The structure of ABS/MBS and the pools backing them might be intransparent which exposes the subfund to additional credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the subfund
Typically, sub-investment grade securities will have a higher risk of default, and are generally considered to be more illiquid than investment grade securities
Morningstar rating: © 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.